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Unity Bank 3Q Numbers Fail To Excite, Stock Down Big

By on November 1, 2011

Unity Bank, one of the banks operating under the National banking license issued by the CBN, has released its 3Q results.

Earnings fell 26% to N 30.8 Billion from N 41.6 Billion at 3Q, 2010.

Profit Before Tax was also down a significant 72% from N 10.87 Billion in Q3 2010 to arrive at N 3 Billion at the end of last September.

Similarly Profit After Tax took a significant loss of 81% as the bank booked only N 2 Billion in net income.

The bank grew its credit exposure by 8% as loans and advances toped N 123.6 Billion for the period even as
deposits also grew 8% to N 240 Billion from N 222 Billion at the end of 3Q 2010.

The company’s stock is currently trading at N 0.54, off almost 60% from the onset of the year.